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Corralejo Beach Hotel
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Radio Sintonia:

RIC approved for the rehabilitation of the Corralejo Beach hotel in Fuerteventura.

The Governing Council, at the proposal of the Ministry of Finance, Budgets and European Affairs, declared at its meeting on Thursday the suitability of the issuance of various financial instruments to materialize funds from the Reserve for Investments in the Canary Islands (RIC) by the companies Viola Teidea and Cardumen Capital in the rehabilitation of two hotels in Fuerteventura and Mogán, for just over a million euros.



The first of the companies is the one that has submitted the application and the one that has promoted the constitution of the second, which acts as a financial institution.

The projects to be executed consist of the rehabilitation of the Corralejo Beach hotel, in Fuerteventura, for 1.27 million euros, and the Puerto de Mogán hotel, for 800,000 euros.

With this project, the Government has approved during the legislature 17 of the 19 files of indirect materialization of the RIC, amounting to 256 million euros.

It is reported that the Economic Law of the REF provides that the endowments of the RIC can be materialized in the subscription of any financial instrument issued by financial institutions provided that the funds raised are destined to the financing in the Canary Islands of private projects, whose investments are suitable in accordance with what is regulated in the Law itself, being necessary that the emissions are supervised by the Government of the Canary Islands and have a binding report from the State Agency of the Tax Administration.

According to what was transferred by the Government of the Canary Islands, the Economic Law of the REF (Law 19/1994, of July 6, amending the Economic and Fiscal Regime of the Canary Islands) provides that the endowments of the RIC can be materialized in the subscription of any financial instrument issued by financial institutions, provided that the funds raised are destined to the financing in the Canary Islands of private projects, whose investments are eligible in accordance with the provisions of article 27.4.D.3º of the Law, being necessary that the issues are supervised by the Government of the Canary Islands and have a binding report from the State Agency of the Tax Administration (AEAT).

The Ministry of Finance of the Government of the Canary Islands declares the suitability of the financial instrument to materialize the RIC, while the effective verification of the correctness of said materialization, mainly in relation to the investment to be financed, corresponds to the AEAT.
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